Indian online food delivery startup Zomato on January 21 said it had agreed to buy Uber Technologies's Indian food delivery business in an all-stock deal.
Uber will in turn get a 9.9 percent stake in the Gurugram-based company.
The deal value is at around $350 million (around Rs 2,485 crore), according to a report in The Economic Times. Moneycontrol could not independently verify the report.
Zomato said Uber Eats in India would discontinue operations and direct restaurants and delivery partners to the Zomato platform, effective January 21.
All Uber Eats customers in India will be shifted to Zomato from 7.00 am on January 21.
“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category. ” Zomato founder Deepinder Goyal said in a blog post.
Uber Eats India also shared a statement through an email and tweets."As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato," Uber Eats said in an email to customers.
We’ll be shutting down our page down now. If you have any queries, please feel free to reach out to our customer service. We are still available through https://t.co/mjcExmJSwv – thanks for being with us and making our journey worthwhile
— Uber Eats India (@UberEats_IND) January 21, 2020
(With inputs from Reuters)